Nah, fade the big players, what do they know Big players can paint a chart, lead you up a dead end, and then trash the herd trades just for fun!
I do now. I tried to scalp for a couple years with limited success. Have had better results with longer term. Not huge results, I'm sure the IRS (and my wife) would only consider this to be a hobby!
I'm sorry to give you this message, but forex is not a scam, it's a market that can give huge profits and of course is much complex and hard to understand. I know many profitable traders it's not just a myth and yeah it looks like a scam because everybody can join without experience, and due to his big complexity almost 100% of new traders fail. The little number of profitable traders are the ones who haven't given up and have understood how the market work. Now, if you can understand how forex work, you will be able to trade any market with a great success, but from here to say that it is a scam there is soo much distance!
It sounds like your strategy is a systematic, mechanical strategy which doesn't work in any market. This would be something along the lines of "waiting until the line crosses another line" meaning the price will do something. Stop while you're ahead if this is the case. This is a good reason why a lot of new traders in forex fail. They get hooked onto these mechanical systems which eventually fail in the longrun because they never worked to begin with. Forex price movement is obviously influenced by news as all markets are, but forex is the most heavily influenced market regarding technicals, much more so than the stock market. I think this is partly due to the fact that the amount of money moving through the forex market dwarfs the stock market on any given day. Basically stating that when you hit support or resistance in the forex market there is a bounce or retracement of the price more than 50% of the time. This is, if you can correctly identify support and resistance to begin with. Along with that you can give yourself and stronger edge by finding multiple support or resistance lines in the same spot on the chart, and on multiple time frames. Give yourself an edge, blindly following a "system" that crosses some line with another or shows some indicator doing something does not qualify as an edge. One more thing, the forex market doesn't give a fuck about how news "should" trend a currency. You will see this over an over again with massive new reports bombshelling the forex market... and what does "X" currency do, it will fall 50 pips upon the news release then go up 250 pips the next hour. Why didn't it just continue trending down you ask? Well like I said, half the time the forex market just doesn't give a fuck which direction the news tells it to go. If it took you 4 years to look over the forex market just to get that type of opinion about it, I doubt you will be trading any market successfully.
HEY Cable Hope all is going well. Here is a pic for whomever think forex is a scam, it is easy to see how to trade this by just eyeballing the price action. Higher highs, higher lows vice versa. It simple now. Took me a bit of trying to be the type of trader I am not.Long Term fundamentals works of course but not for my impatient personality, so I have found the 5 and 10 min work for me. I dont know why so many people think its a scam. If you can trade stock , futures, you can trade forex. Just the follow the action trade what you see. Cable I had been trading longer term but my paitence was killing me on it until I came accorss your posts last year and see that there was the ability to scalp in fx, I use the term loosely. I was a scalper in equities in the late 90s block shares for pennies, but couldnt find that exactly here so I scalp off the 5/10 min. So thanks for the inspiring posts pal! I still dont understand why be think they get stopped out and what not in forex, to me they just do not understand how forex moves, they put the stop to close and claim the broker hit there stops on purpose. I have said in another thread, I trade with GFT. Not the best spreads but good and stable company and customer service. I bet if I toook that chart I posted on here and blacked out the numbers no one , would know if it was forex , equities , or futures. So if people were to trade what they see they will be fine. I can admit I got caught up in the negativity of forex with so many people complaining about brokers and how it was a scam. As traders we are adaptable. Plus forex trades all day and night even more chances to make money! Hats off to Cable and DavidMaria for sticking with it.
Forex is a scam. They don't tell you the candles are hollow so they don't work and the S&R are spongy. The Trendlines are bent but appear straight and indicators are calculated on a different basis related to moves in interest rates. You don't know when the big moves are coming because they don't tell you when news is going to be released. It's impossible I tell you. Better stick with trading kjhsdfiu on planet Zorg where these problems don't occur.